![]() ![]() I had a vague idea of the utility last month when I set up my. Voila! Decentralized commerce, no Verisign! Decentralized website developers can then upload their website files to IPFS (a distributed file storage network) and save the hash to their ENS name. 3 ENS users can use the NFT to store all of their crypto addresses, and to receive any cryptocurrency or NFTs to their ENS smart contract. Registering a name costs $5/year for 5+ character names, $160/year for 4 character names, and 3 character names at $640/year, plus the cost to mint the address as an NFT, which can run around $100 at current gas prices. The Ethereum Name Service's job is to map human-readable names like Sigel.eth to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes and metadata. Such is the promise of the Ethereum Name Service (ENS), a distributed, open and extensible system based on the Ethereum blockchain. 2Īnd yet like so many Web 2.0 platforms, Verisign now faces potential disruption from an open, interoperable, community-owned protocol that lets small business operators not only own their own domain name, but also potentially collect a financial reward from the growth of Web3. Verisign's 63% operating margins and the stock's 21% 10-year CAGR are further proof of privilege. On revenues above $1B, Verisign hasn't spent more than $100M in capex since it jettisoned its cryptographic hash business ("issuer of digital certificates") to Symantec to focus on the monopoly registry business in 2011, meanwhile growing its topline at an astounding 18% CAGR since 1998. government, who considers the service crucial infrastructure. ![]() 1 Verisign has a long-term, no-bid contract with an unelected international body (ICANN), which has been repeatedly renewed at the request of the U.S. There are 200M active websites in the world right now and one U.S. ![]()
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